After you've completed an application, Rob Hickerson with LouisvilleMortgage.com & Mortgage Professionals, Inc. processing staff begins assembling all documents necessary to complete the loan package for the type of loan you want. In addition to the financial records you provided, Rob Hickerson orders a property appraisal, survey, legal title exam, credit report, and also verifies your employment and sources of cash that you plan on using for downpayment and closing costs.

During this process you may be asked to provide other documents or written responses to clarify certain issues such as reported late payments on your credit report or about discrepancies in your employment history. Remember, lenders want to lend you money, but they must also use due diligence in reviewing your finances.

When the loan package is complete, it is further reviewed for accuracy by an underwriter. The underwriter's approval is mandatory before a loan can close. The underwriter may also ask for additional clarifications, and you may be required to bring papers to closing, such as proof of sale of another property, or a recent paystub, etc.

Rob Hickerson also utilizes Fannie Mae's desktop underwriter and Freddie Mac's loan prospector. These automated underwriting systems are capable of providing an immediate loan approval, usually within 1 day of application.

With an approval, you will be notified of any prior-to-closing conditions that must be cleared before a closing date and time is assigned. Also prior-to-closing, Rob Hickerson with LouisvilleMortgage.com & Mortgage Professionals, Inc. must review your property insurance, termite and other inspections, and make certain that all construction or repairs are completed.

Finally, at the closing/settlement all parties to the transaction meet with the lender's closing attorney to sign the final transaction papers.

Depending on the complexity of the transaction, the loan process from the application to approval can take from 1 day to 4 weeks to complete.